As a significant uncertainty in business operations, litigation risk negatively impacts corporate reputation and increases corporates' risk-taking. This paper explores the impact of litigation risk on corporate risk-taking. The study finds that: the more significant the amount of litigation involved and the higher the litigation risk, the greater the corporate risk-taking; the higher the analyst concern, the smaller the role of corporate litigation risk in enhancing corporate risk-taking; and the mediation test finds that firms with higher litigation risk can increase corporate financing constraints and negatively affect corporate risk-taking.

中文翻译：

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企业诉讼风险与风险承担

诉讼风险作为企业经营中的重大不确定因素，对企业声誉产生负面影响，增加企业的风险承担能力。本文探讨了诉讼风险对企业风险承担的影响。研究发现：诉讼金额越大、诉讼风险越高，企业风险承担越大；分析师关注度越高，企业诉讼风险对提升企业风险承担的作用越小；调解检验发现，诉讼风险较高的企业会增加企业融资约束，对企业风险承担产生负面影响。